Mitsubishi UFJ Asset Management Co. Ltd. Acquires 138,248 Shares of Lucid Group, Inc. (NASDAQ:LCID)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Lucid Group, Inc. (NASDAQ:LCID) by 13.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,131,148 shares of the company’s stock after acquiring an additional 138,248 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Lucid Group were worth $3,721,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the last quarter. LPL Financial LLC boosted its position in Lucid Group by 15.8% in the 4th quarter. LPL Financial LLC now owns 293,090 shares of the company’s stock valued at $885,000 after buying an additional 39,945 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Lucid Group in the 4th quarter valued at $547,000. Sei Investments Co. raised its position in shares of Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock worth $109,000 after acquiring an additional 4,431 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Lucid Group by 12.8% during the fourth quarter. American Century Companies Inc. now owns 83,632 shares of the company’s stock valued at $253,000 after acquiring an additional 9,475 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on LCID. Stifel Nicolaus lowered their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 target price for the company. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Finally, Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Performance

Shares of LCID opened at $2.53 on Wednesday. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of -1.89 and a beta of 0.97. The firm has a fifty day simple moving average of $2.59 and a 200 day simple moving average of $2.72. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. Lucid Group, Inc. has a 12 month low of $1.93 and a 12 month high of $4.43.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.